Investors present new program on modernization of "Dvin" hotel in Yerevan

ArmInfo. The investors have  presented a new program on modernization of "Dvin" hotel in Yerevan,  Head of State Property Management Department Arman Sahakyan stated at  the National Assembly today. 

According to him the total cost of the program, which is currently  being discussed in the government, will total $100 mln. If the  program is approved construction work will resume. Arman Sahakyan  stressed that the announced investments amounting to $16 mln are  insufficient for the project implementation. 

As ArmInfo informed earlier, construction of a new 5-star de-luxe  hotel on the place of the Dvin Hotel will be finished in 2019. Arman  Sahakyan, the head of the State Property Department of Armenia, said  that under the investment program submitted by the Caucasian  Commercial Group (CCG) the repairs of the hotel area of 55,000sq m  will be completed by 2019. At present, the company has invested  nearly $16 million, another $20 million will be invested within the  current year, $10 million in 2017, and $40 million in 2018.  Sahakyan said the big area of the Hotel complex will comprise a  multi-functional residential area (Apartments Plaza) with at least 60  luxurious apartments, a helipad on the roof and other buildings. An  underground parking for 330 cars and ground parking for 50 cars is  planned too. The new hotel will have 184 rooms of different price  categories, including 89 standard rooms, 20 premium class rooms, 51  club rooms, 10 de-luxe suites and 2 presidential suites. The complex  will comprise also a SPA, a pool, a fitness center, restaurants,  clubs, stores, business and conference halls. There will be an  elite-class casino if the government issues a license for it,  Sahakyan said. Under the investment program, 400 jobs will be  created. He said the hotel will undergo re-branding and will be  renamed into David Bek Hotel.  

To note, according to media reports, in 2003 Dvin Hotel was sold to  Caucasus Communication Group for 3 mln USD. The buyer promised to  build a 5-star hotel within 5 years, but the investment was to be  over 10 mln USD. Meanwhile, the modernization period has repeatedly  been extended. The new agreement mentions 13.6 mln USD in  investments. According to the State Registry of Legal Entities of  Armenia, the Caucasus Communication Center CJSC was registered on 14  Jan 2002. Its founders are Hripsime Tovmasyan and Zurab Chigogidze.